SPX Credit Spread Trader

[scienter]

Put on a few May 1280/1270's today for .5 when SPX was at 1310. 15 pts below major support at 1295. Now i'm wondering if this was bit too rash. Thoughts?

 

[rallymode]

What a blood bath this is. Don't see a single green stock on my watchlist except oil and gold futures lol

Position update!

June SPY 131/129 bear put spread. Sold 50% of position for .80. Return on risk 78%. Holding the other half for more.

 

[momoneythansens]

5 looong days to go...anything is possible with SET LOL. Not for me that trade. Good luck!

Quote from scienter:

Put on a few May 1280/1270's today for .5 when SPX was at 1310. 15 pts below major support at 1295. Now i'm wondering if this was bit too rash. Thoughts?

 

[ready]

Lit up a couple junes 1350/ 1360 for $1.90 @ 24% for 5 weeks

 

[scienter]

Ya, thanks. Likely out of the woods with my May bear calls at 1340 and 1350; in fact just just closed out my hedge. Needed alittle something to keep me humming for next week. Personally I think we bounce next week a bit off of the 1300 to 1295 area. will see!!

Quote from momoneythansens:

5 looong days to go...anything is possible with SET LOL. Not for me that trade. Good luck!

 

[scntaxpro]

Anybody else have the 1625/1610 put spred on the NDX? IF so, what are you doing to hedge it, if anything.

 

[El OchoCinco]

Starting from before the Fed announcement I legged into 50 129/130/131 SPY Put Butterflys for $250 credit after starting out with a $2,250 debit for the SPY 131 Puts in MAY. Not sure how much further we got to go but we may churn around 1300 for a few days

Quote from rallymode:

What a blood bath this is. Don't see a single green stock on my watchlist except oil and gold futures lol

Position update!

June SPY 131/129 bear put spread. Sold 50% of position for .80. Return on risk 78%. Holding the other half for more.

 

[ready]

BEAR CALL SPREAD PARTYYYY!!!!!

 

[rallymode]

Quote from optioncoach:

Starting from before the Fed announcement I legged into 50 129/130/131 SPY Put Butterflys for $250 credit after starting out with a $2,250 debit for the SPY 131 Puts in MAY. Not sure how much further we got to go but we may churn around 1300 for a few days

Nice trade coach, i was thinking of waiting a lil longer and turning the position into a credit FLY also but given that i put on a bigger size than what i usually do i decided to take profits off the table. Besides my aggressive port isnt doing too well this month so these gains were quite welcome. I might still go the credit FLY route with the other half if we dip a lil further.

What is your plan for the FLY?

 

[momoneythansens]

Yes, could well be a nice buying opportunity here and we bounce. Who knows? I believe wild swings of this nature are to be expected in the coming weeks. That's just me talking out of my ass.

However, all I really know is that SET knoweth not of support and resistance LOL. She can reach up or down through otherwise inpenetrable surfaces only to then nudge you off that cliff - much like Patrick Swayze in Ghost ha!

On a .50c spread with only a week till expiration, you have virtually no choice but to hold on till expiration in order to realize any gains worth taking - in which case you may have to take your chances with lady SET. Mwahaaahaahaaahaaaaaa.

Quote from scienter:

Ya, thanks. Likely out of the woods with my May bear calls at 1340 and 1350; in fact just just closed out my hedge. Needed alittle something to keep me humming for next week. Personally I think we bounce next week a bit off of the 1300 to 1295 area. will see!!